Published Jun 3, 2026 · S&P Global
S&P Global's Q1 2026 stablecoin report spotlights the bank-governed Cari Network, building a tokenized deposit platform on a private ZKsync deployment.
S&P Global Market Intelligence's Q1 2026 stablecoin monitor tracks how banks and payment incumbents are shifting from pilots to real-world deployments of stablecoins and tokenized deposits. A key development: six large U.S. regional banks — First Horizon, Huntington Bancshares, KeyCorp, M&T Bank, Old National Bancorp and SouthState — have formed the bank-governed Cari Network, building a shared tokenized deposit platform on a private version of ZKsync's technology to enable instant, 24/7 interbank payments. The report frames this consortium model alongside proprietary efforts from BNY Mellon and JPMorgan, and notes how the GENIUS Act is pulling stablecoin issuance onshore. For ZKsync, it's a signal that bank-grade, privacy-preserving settlement infrastructure is moving into production among established financial institutions.
Matter Labs' Vassilis Tziokas argues in CoinDesk that no market structure bill can make bank deposit networks interoperable — that comes from architecture and clearing, not legislation.
Risk and payments leaders at three Cari Network partner banks describe how they're rebuilding liquidity and controls for always-on settlement — the operational work behind bank-governed tokenized deposits.
